Summary: Chandler, Arizona; Miscellaneous Tax

Standard & Poors, October 2008

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' rating to Chandler, Ariz.'s series 2009 excise tax revenue obligation bonds. The rating reflects: A growing economic base, with good access to employment opportunities throughout the Phoenix MSA; A diverse and reliable stream of pledged excise taxes that comprise sales taxes and state-shared income taxes; Very high 24.5x maximum annual debt service (MADS) coverage by actual fiscal 2008 pledged excise taxes; A strong additional bonds test (ABT) requiring historical 3.0x MADS coverage; and The city's historic reliance on excise taxes to fund general fund operations, making it very unlikely that it will bond down to its ABT. The bonds are secured by a first lien of excise taxes, which include transaction privilege...

Companies mentioned in this report are: Chandler
Action: New Rating
Action: Outlook: Stable

Chandler

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